RealTime IT News

Stocks Fall On Jobs Report

A stronger than expected employment report initially boosted stocks on Friday, but the rally faded on the realization that most of the gains came from a seasonal adjustment in the battered retail sector.

A heightened terrorism alert also weighed on stocks.

The Nasdaq fell 19 to 1282, the S&P 500 lost 8 to 829, and the Dow dropped 65 to 7864. Volume declined to 1.26 billion shares on the NYSE, but rose to 1.24 billion on the Nasdaq. Decliners led 21-10 on the NYSE, and 21-10 on the Nasdaq. Downside volume was 77% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 33-127 on the NYSE, and 46-115 on the Nasdaq.

EDS gained 5% despite warning. Overture fell 6% on its outlook.

Tech Data fell 20% on a warning.

Corning gained 8.8% after raising guidance.

IBM , off 0.3%, won a big Web services deal with Cerner . IBM and Oracle , off 1.7%, plan new application servers.

Intel , off 2.1%, said it will release a mobile chip next month. The company is also pushing in-flight Internet access with Boeing .

Hoover's rose 11% on a new buyout offer.

Palm , off 3.7%, laid off 18% of its operating system staff.

Genesis Microchip fell 19% on a downgrade.

EarthLink , down 3.4%, plans several releases this year to remain competitive.

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